Dynamic Quarter For Fun Technologies Inc
Published: Friday, July 29, 2005 Online-Casinos.com
DYNAMIC QUARTER FOR FUN
Another Crypto connection as Harvey Solursh is appointed a director
The skills gaming company originally started by Cryptologic founder Andrew Rifkin, London listed FUN Technologies Inc., enjoyed a dynamic second quarter ended June 30 this year, judging by results published this week.
Highlights included:
- Consolidated revenue up 55 percent from Q1 2005 to GBP 2.3 million
- Subsidiary SkillJam revenues up 29 percent from Q1 2005
- Don Best revenues up by 77percent over Q1 2005, with strong cash generation
- Positive EBITDA for FUN of GBP 62 000, a milestone in the company's progress
- SkillJam signed new licensees including Inspired Broadcast Networks, AirMedia and LodgeNet Entertainment Corporation, and its registered users passed the 8 million mark.
- Acquisition of Fanball Interactive, LLC ("Fanball") completed for GBP 6.7 million.
- Agreements with eBay, Virgin Games and a leading U.S. cable operator
Lorne Abony, FUN's CEO, commented, "Revenue at all of FUN's operating businesses continues to grow strongly. This was also a very significant quarter for us as it was the first quarter in the Company's short history in which we generated positive EBITDA.
We believe that revenue growth and EBITDA are appropriate indicators of the company's operating performance at this time. Accordingly, we intend to focus significantly on our performance in these areas."
Regarding Betbull.com, in which FUN was involved with the Austrian public company Bet & Win, Abony said that his goal was to focus the company's resources on those businesses which management believes have the greatest potential for long-term growth.
Consequently, FUN has decided to exit the operating portion of the exchange betting business. Management believes that the effect of this decision to discontinue exchange betting operations will positively impact the group's operating performance. At this time, FUN will maintain its 24.6 percent ownership position in Betbull.
SkillJam delivered a particularly good performance with a record total of nine distribution agreements signed during the second quarter. Many of these agreements will introduce skill games to new distribution channels, including free-standing gaming kiosks, interactive television and wireless applications.
The report included the news that Harvey Solursh, a longtime director at Cryptologic, has been appointed to the FUN Technology board.
FUN is a public company, incorporated in England and Wales, and is listed on both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange.
